After ending the seven-year itch with Feng Biao, Hainan Coconut Island (600238.SH) once again welcomed the return of capital to the owner.

Feng Biao is a well-known Niusan, whose "Oriental system" has conquered cities and territories in the capital market. in addition to Hainan Coconut Island, Feng Biao has also participated in the attack on the real control of Jiaying Pharmaceutical (002198.SZ).

On June 28, Hainan Coconut Island announced that Haikou State assets, which holds 13.46%, has become the largest shareholder due to the reduction of its shares due to the judicial auction of its shares in Beijing Oriental Junsheng Investment Management Co., Ltd. (hereinafter referred to as "Oriental Junsheng").

At the interim shareholders' meeting on the same day, two directors nominated by Haikou State assets were approved, from which the directors nominated by State assets accounted for five seats, more than half of them. Haikou State assets once again became the actual controller of Coconut Island in Hainan after 7 years.

Niusan may be Youdao, Inc, but he is not good at management. Since Dongfang Junsheng took over in 2015, Hainan Coconut Island has experienced several ups and downs and failed to make a breakthrough after reaching 1.143 billion yuan in revenue in 2017.

During this period, Hainan Coconut Island tried to expand the company's business scope and successively caught up with hot topics such as "Hainan outlying islands duty-free" and "soy sauce and wine", but there was no improvement in performance. it has even attracted questions from the Shanghai Stock Exchange about its "hot spot" and "concept" letter and approval violations. In 2022, Hainan Coconut Island's annual revenue was only 416 million yuan, 20 million less than in 2015.

However, due to the low proportion of state-owned shares in Haikou, which is only 13.46%, the advantage is not obvious compared with the 5% shareholding of Quande Energy (Jiangsu) Co., Ltd. (hereinafter referred to as "Quande Energy"). And Quande Energy has plans to continue to increase its stake of no more than 1.5%.

At present, Quande is interested in joining the board of directors to have a greater say. At the 2023 shareholders' meeting in Coconut Island, Hainan, a motion on the co-election of Zheng Chenxia, the real controller of Quande Energy, as a director was considered, but it was not passed.

Trade wind (ID:TradeWind01) repeatedly called Hainan Coconut Island to ask whether Haikou state-owned assets have further plans to increase their holdings, but could not get through.

From June 10 to 30, Hainan Coconut Island successively issued the resignation announcements of seven board supervisors, including the company's chairman, and its senior management has begun a round of "reshuffle." how to pull the "first share of health wine" out of the quagmire has now become an unsolved problem in front of Haikou state assets.

I had the intention to go.

Before the shares held by Oriental Junsheng were put up for judicial auction, Feng Biao had already made up his mind.

From October to December 2014, Shenzhen Fu'an Holdings Co., Ltd., the former second largest shareholder, transferred 11.16% of the shares held in Hainan Coconut Island to Shenzhen Oriental Caizhi Asset Management Co., Ltd. (hereinafter referred to as "Oriental Caizhi") controlled by Niusan Feng Biao. As a result, Coconut Island in Hainan can be called "chaos" for seven years.

In December 2015, Dongfang Caizhi, through concerted action, increased its 18.47% stake in Hainan Coconut Island, replacing Haikou State Capital as the largest shareholder, and transferred its shares to Dongfang Junsheng, which has been judicially auctioned, in 2017.

However, during the four years from 2015 to 2018, Haikou State assets did not recognize Feng Biao as the real controller, and Hainan Coconut Island was in a state of no real controller.

It was not until June 2019 that Feng Biao entrusted Dongfang Junsheng's voting rights to Wang Guihai, a minority shareholder in Hainan Coconut Island, that Hainan Coconut Island had no real control for a period of only 24 months.

On June 21, 2021, Feng Biao became the controller of Coconut Island in Hainan, but at the same time he also began to plan to leave.

In November 2022, Hainan Coconut Island announced a non-public offering plan, which planned to issue 81 million shares at a price of 654 million to Hainan Xintang Trading Partnership (hereinafter referred to as "Hainan Xintang"), which was controlled by then Chairman Wang Xiaoqing. After the completion of the increase, the controller of Coconut Island in Hainan will be changed from Feng Biao to Wang Xiaoqing.

Immediately following an inquiry from the Shanghai Stock Exchange, the Shanghai Stock Exchange proposed that Hainan Xintang and Haikou Huixiang Health Consulting Service Center (Limited Partnership) (hereinafter referred to as "Haikou Huixiang") controlled by Wang Xiaoqing were founded by Feng Biao in the early days, and Wang did not become the actual controller until 2021. The SSE questions whether there are potential interest arrangements or drawer agreements.

According to the reply given by Hainan Coconut Island, Feng Biao did take a stake in Hainan Xintang in September 2021, 19%, and quit in November 2022; Haikou Huixiang was established in 2018, Feng Biao held 30%, and withdrew in November 2022.

In the end, the non-public offering plan was rejected by the board, and Wang Xiaoqing resigned on June 9 this year.

In February, Hainan Coconut Island announced that it had received a "notification letter" from Dongfang Junsheng that 67.5 million of the 71 million shares held by the latter would be put up for judicial auction. The reason is that in 2017, Oriental Junsheng applied for 147 million yuan of stock pledge financing guarantee from Huachuang Securities for Shenwu Technology Group Co., Ltd. (hereinafter referred to as "Shenwu Technology"), but Shenwu Technology was unable to repay after the financing expired. Huachuang Securities then sued Shenwu Technology and Oriental Junsheng as guarantor. The Guiyang Intermediate people's Court issued a judgment to carry out the above-mentioned auction and use the proceeds from the auction to repay the debt.

As mentioned above, after the shares held by Oriental Junsheng were transferred by judicial auction on June 28, the actual controller was changed to Haikou state-owned assets.

The day before, on June 27, the Shanghai Stock Exchange criticized Feng Biao and Dongfang Junsheng, the controlling shareholder at that time, for failing to disclose the detailed equity change report in time in 2021 and employing a financial consultant to issue verification opinions.

Frequent cross-border

Over the past three years, Feng Biao has brought a lot of "concepts" to Hainan Coconut Island, but there has been no real growth except for the much-hyped stock price.

Hainan Coconut Island has a long history, which can be traced back to the state-owned Haikou Beverage Factory, which has health wine brands "Coconut Island Deer Turtle Wine", "Coconut Island Sea King Wine" and beverage brand "Coconut Island Brand Coconut Juice". Among them, Coconut Island Deer Turtle Wine is one of the two famous specialties in Hainan, and Hainan Coconut Island is also known as "the first unit of health wine".

However, after entering Coconut Island in Hainan, Feng Biao did not seem to be very interested in health wine.

In June 2020, a major asset restructuring plan was launched in the hooded ST Coconut Island, which plans to acquire no less than 80 per cent of Beijing Berkson Media Technology Co., Ltd., through a private offering of funds from 35 specific investors, and the bill was passed by the board of directors. Public information shows that the main business of the media company is the organization and operation of fighting and other sports events.

However, on July 23, ST Coconut Island announced that it had decided to terminate the major asset restructuring because it failed to agree with the actual controller of the underlying company on the core elements such as business integration and transaction price of this major asset restructuring.

In April 2021, when soy sauce was hot, Wa and other non-industry capital were laid out one after another, and the share price of Guizhou Moutai reached an all-time high that year.

Hainan Coconut Island also wants a piece of the pie. According to its announcement, in order to improve its strategic layout in the liquor industry and "seize high-quality soy sauce resources in the core area", it is proposed to jointly fund a joint venture with Maotai Town muddle Liquor Industry (Group) Co., Ltd. (hereinafter referred to as "confused Liquor Industry") in Renhuai City, State Province. Hainan Coconut Island contributed 240 million yuan, accounting for 80% of the registered capital.

From the announcement to June 15, 2021, the share price of Hainan Coconut Island reached its highest point of 32.78 yuan per share since its listing, up 178%.

It is worth mentioning that Hainan Coconut Island also promised to coordinate the injection of RMB 5 billion into the third direction muddle-headed group in the next five years to help build the muddle-headed group into the second largest Maotai-flavor wine enterprise in Renhuai. However, at the end of the year, the balance of cash and cash equivalents in Coconut Island in Hainan was only 87.9675 million yuan.

In June of the same year, the official account "Coconut Island Global purchase" of Coconut Island in Hainan tweeted that Coconut Island Global purchase is a professional cross-border duty-free shopping platform under Coconut Island in Hainan. In this regard, the Shanghai Stock Exchange has asked listed companies to verify whether the information is true, whether there are "concepts", "hot spots" and other short-term hype and information disclosure violations.

In February 2021, it invested 100 million yuan to set up Hainan Coconut Island Global purchase Business Co., Ltd., but so far, Hainan Coconut Island does not have the qualification to operate tax-free business on outlying islands.

In 2022, Hainan Coconut Island revenue reached 416 million yuan, a sharp decrease of 50.03% compared with the same period last year, while net profit lost 118 million yuan, down 96.86% from the same period last year. Its core liquor business contributed 309 million yuan, down 8.24% from the same period last year.

In 2023, Hainan Coconut Island's performance remained unchanged, with revenue and net profit falling sharply by 54.93% and 158.18% respectively in the first quarter compared with the same period last year. And the sales revenue of the liquor business, which plans to invest 5 billion, fell sharply by 92.12% compared with the same period last year, contributing 8.0257 million yuan.

In view of this, the new management may have to redefine the direction of the business development of Hainan Coconut Island in the future.